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Why American Express Wants to Kill Credit Cards

Leslie Berland has a curious job. She's paid to think about all the ways to make her company's flagship product obsolete.<p>Berland leads digital …

American Express Wants to Eliminate Plastic from Customers' Wallet

Share Email<p>Credit card companies are racing against tech giants like Apple and Google to create what would thin our wallets forever.<p>The race, which …

Bank of America innovates mobile banking with self-service, accessibility upgrades | Retail Dive

Bank of America is innovating the mobile banking application with several new self-service features and easier accessibility to frequently used …

Bank Clients Want Social Media Account Access

By Tom GroenfeldtTom Groenfeldt<p>The decline in customer experience in banking is reaching an inflection point, said Bill Sullivan, head of global …

USA Technologies makes cashless connections to 250K self-service machines

June 7, 2014<p>USA Technologies announced that connections to its ePort Connect platform for cashless self-service transactions passed the 250,000 mark …

My Day Without Banks

LOS ANGELES—Our first prob­lem was that we couldn’t cash a check.<p>Our small group had come to a su­per­mar­ket in west Los Angeles to cash a $15 …

The evolution of money: 5 mobile banking apps you should get to know

June 10, 2014<p>Today, about 87 percent of Americans carry a smartphone. And in the past 12 months, 51 percent of them have used a mobile banking app on …

Colorado Governor Gives Approval to New Banking System for Pot Sales

This article is from the archive of our partner .<p>Colorado Gov. John Hickenlooper signed legislation to approve a plan to establish a co-op banking …

Understanding The Trends In Mortgage Originations By U.S. Banks

Slowing mortgage revenues have dragged down top-line figures for the country’s biggest banks for a while now, with origination volumes declining quarter-on-quarter since the mortgage refinancing wave died down in late 2012. The impact of this can be seen more clearly among banks which bulked up …

Are The Banks About To Gobble Up Peer-to-Peer Lenders?

What happens when new entrants to the financial services industry harness disruptive technologies in order to take on the established order? Much as those who despise the banks and their kin might like it to be, the answer is not that these large, established and sophisticated businesses just roll …

Will Community Banks Disappear? Threats To Old-School Banking

As I have noted before, we are now in the third stage of the Internet. And one of its victims in this decade will be community banks. Community banks face an onslaught of trends that will hamper both their financing strategy and their lending strategy. Unless they adjust drastically from their …

Fighting Financial Exclusion: How To Serve 88 Million Americans Who Have No Bank

“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor,” the great American author James Baldwin wrote in 1960.More than half a century later, his words ring true to the 46 million Americans who live below the poverty line and to the millions more who are …

Europe's Central Bank Is Paying Negative Interest Rates. What Does That Mean?

The European Central Bank tests out the radical idea of interest rates that are less than zero. Will this keep the Eurozone from slipping back into …

Economics

Colorado's New Pot Banking Law Won't Solve Cash Problems

Colorado Gov. John Hickenlooper signed a bill Friday designed to create the world’s first state-level banking system for legal cannabis companies, …

Cannabis

JPM investment bank boss says 'laser focus' on costs cuts | Reuters

LONDON (Reuters) - JPMorgan’s new solo head of its investment bank said he would be “laser focused” on reducing costs as the industry is likely to face a tough couple of years in terms of growing revenues.<p>Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London …

US Threatened French Bank With A $16 Billion Fine Over Sanctions Violations

An employee walks behind the logo of BNP Paribas in a company's building in Issy-les-Moulineaux, near Paris Thomson Reuters<p>WASHINGTON/NEW YORK (Reuters) - U.S. authorities negotiating with BNP Paribas over alleged sanctions violations at one point suggested that France's biggest bank pay a penalty …

Exclusive - As bank fines soar, U.S. threatened $16 billion BNP penalty | Reuters

WASHINGTON/NEW YORK (Reuters) - U.S. authorities negotiating with BNP Paribas over alleged sanctions violations at one point suggested that France’s biggest bank pay a penalty as high as $16 billion (9.5 billion pound), according to people familiar with the matter.<p>An employee walks behind the logo …

Bank of America could pay at least $12 billion to settle probes: report | News Home | Reuters

(Reuters) - Bank of America Corp (BAC.N) could pay more than $12 billion to settle probes by the U.S. Justice Department and a number of states into the bank’s alleged handling of shoddy mortgages, the Wall Street Journal said on Thursday, citing people familiar with the negotiations.<p>A Bank of …

I Work In Financial Compliance In A Retail Bank And It’s My Job To Spy On Your Accounts

I’m a stranger and I know more about you than you want me to.<p>Do you remember when the NSA scandal broke? Were you up in arms over The Government …

1 in 10 New Yorkers doesn’t have a bank account

Worried New Yorkers are stuffing record piles of cash under the mattress.<p>In the wake of the Great Recession, more local residents, fearing wage …

The Co-operative Bank may add new screening tests to its ethical policy

Genetically modified food, data privacy and surveillance techniques are among the new screening tests the Co-operative Bank is considering adding to its ethical policy, under which it has turned away £1.2bn of business in the past 20 years.<p>The bank's chief, Niall Booker, parachuted in to run the …

Beware Of Swiss Banks Urging Offshore Voluntary Disclosure To IRS

A client recently received a letter from a Swiss bank “strongly encouraging” the client to enter the Internal Revenue Service (“IRS”) Offshore Voluntary Disclosure Program (“OVDP”). The letter said that OVDP “affords US taxpayers an opportunity to become compliant with their US tax obligations by …

Citi Pushes to Be the ‘Amazon of Banking’

Citi is straining to break ahead of the financial services pack with user-friendly digital tools aimed at making banking with Citi as easy as …

Banking

China regulator says to tighten supervision over shadow banking | Reuters

BEIJING (Reuters) - China will further tighten supervision over the shadow banking sector, the country’s banking regulator said on Friday, part of an ongoing campaign to control off-balance sheet lending by the country’s financial institutions.<p>A man looks at the Pudong financial district of …

Offshore Bank Letters, FATCA, & IRS Penalties---Are Any Choices Left?

With the impending FATCA compliance rollout and the U.S. Justice Department deal for Swiss banks, there are lots of letters and phone calls being made to account holders with American indicia. American citizens, residents—even people with a U.S. address or phone number—should be prepared. Possible …